Highlights & Insights of a Cyber Risk Quantification Journey
How a Tech Company Implemented CRQ for Better Decision Making
Discovering the Advantages of Cyber Risk Quantification
The CRQ Journey Unveiled
In Highlights & Insights of a Cyber Risk Quantification Journey, explore how one technology company CISO navigated the complexities of effectively managing cyber risk. Learn more about the initial challenges faced, including boardroom communication, and why CRQ became the most practical approach for achieving buy-in from key stakeholders and gaining the necessary resources.
Implementation Insights
Gain valuable insights into how the organization's CISO integrated CRQ with the cybersecurity department's existing maturity framework, maximizing the practicality of information gleaned from respective maturity levels. Understand the techniques the CISO used to assess, measure, and subsequently communicate the validity of Kovrr's cyber risk quantification platform and why he ultimately trusted the outputs.
Impact on Decision-Making
Dive into the ways Kovrr's cyber risk quantification platform bolstered the cybersecurity leader's investment decisions, including by offering financial insights into security control upgrade ROI and cost-effectiveness. The translation of cyber risk metrics into broader business terms not only fostered a proactive approach to mitigation but also ensured that non-technical key stakeholders understood the importance of prioritization.
Enhanced Cyber Resilience
Watch Highlights & Insights of a CRQ Journey to gain an in-depth understanding of the tangible benefits a cyber risk quantification platform like Kovrr's can bring to organizations looking to enhance cyber resilience. By providing data-driven mitigation recommendations and highlighting the average savings, cybersecurity leaders can create a strategy that targets the highest-impact risks.
Leveraging CRQ for Future Planning
While on-demand CRQ is still a budding technology, cybersecurity leaders are increasingly turning to this innovative solution to ensure their organizations are prepared for the future and align cyber risk management strategies with overall business goals. As more CISOs adopt this data-driven approach, the better-equipped companies will be amid the increasingly risky digital landscape.
Insights of a CRQ Journey FAQs
Speak to an Expert to Learn MoreHow did Dmitriy Sokolovskiy, ex-Avid CISO, begin his CRQ journey?
Dmitriy Sokolovskiy, former CISO at Avid Technology company, found himself in a position where he needed to justify budget requests and spending decisions, just like many other CISOs. While these circumstances first led him to adopt cybersecurity maturity model frameworks to facilitate this justification, he ultimately found he needed to supplement his explanations with a language the board was more familiar with, such as financial implications.
What were the issues working solely with the CIS and NIST frameworks?
Sokolovskiy discovered that the CIS control framework was too technical for the Avid board members. The NIST framework, while more approachable for non-technical executives, was still very subjective, making it difficult to embed cybersecurity initiatives and outcomes within the broader business strategy. The CISO fundamentally understood that board members operated in financial implications, and he, therefore, needed a solution that allowed him to communicate in that language.
Why did Sokolovskiy ultimately decide to quantify cyber risk with Kovrr?
After exploring several cyber risk quantification platforms and assessment approaches, the former Avid CISO discovered Kovrr. After learning that Kovrr's models incorporate real data from aggregated insurance claims and are continuously fed external global intelligence regarding cyber events, he understood that the results would ultimately be as objective as possible. Indeed, insurance industry claims come as close as one can get to the realistic numbers of the cost of a data breach.
Does adopting a CRQ tool always have to be a long journey?
No. Although many CISOs and cyber risk managers have stumbled upon CRQ because of challenging or ineffective communication with non-technical executives and stakeholders, others have had a more straightforward journey with the tool. Sokolovskiy's relationship with cyber risk quantification is merely one CISO's experience. To learn more about quickly implementing this solution into your cyber risk program, reach out to one of our risk experts today.
Ready to Embark On Your CRQ Journey?
Contact Kovrr’s cyber risk management experts today to learn more about how risk quantification empowers organizations worldwide to navigate the evolving cyber threat landscape with confidence.
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